The post Biogen (BIIB) earnings Q2 2024 appeared on BitcoinEthereumNews.com.

A test tube is seen in front of displayed Biogen logo in this illustration taken on, December 1, 2021. Dado Ruvic | Reuters Biogen on Thursday reported second-quarter earnings and revenue that topped estimates and hiked its full-year guidance, as the company’s cost cuts showed progress and sales of its breakthrough Alzheimer’s drug, Leqembi, and other new products beat expectations.  Biogen now expects full-year adjusted earnings to come in at $15.75 to $16.25 per share, up from a previous forecast of $15 to $16 per share. The biotech company also expects 2024 sales to decline by a low-single-digit percentage. Biogen’s previous outlook was a low- to mid-single-digit percentage decrease from last year.  Leqembi, which Biogen shares with Eisai, became the second drug proven to slow the progression of Alzheimer’s to win approval in the U.S. last summer. The therapy’s launch has been gradual due to bottlenecks related to diagnostic test requirements and regular brain scans, among other issues.  But uptake of Leqembi appears to be picking up, with roughly $40 million in sales for the quarter. That’s above the $31 million analysts had expected, according to estimates compiled by StreetAccount.  The drug posted just $10 million in sales last year following its launch.  Still, Leqembi faces hurdles in Europe, where a drug regulator recommended against approving the treatment due to its risk of brain swelling and bleeding. The companies will seek a reexamination of the decision. The biotech company hopes Leqembi and other new products will drive growth as it reduces costs and grapples with plunging demand for its multiple sclerosis therapies, some of which face competition from cheaper generics. Biogen expects to achieve roughly $1 billion in gross cost savings by the end of 2025, according to its annual report in February.  Here’s what Biogen reported for the second quarter…

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Filed under: News - @ August 1, 2024 11:20 am